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OnTheMarket adds 2,000 branches to service in just over 2 months
OnTheMarket, the operator behind property portal OnTheMarket.com, said on Wednesday that it has signed agreements with over 2,000 offices in the two and a half months since its admission to AIM.
As of 25 April, the company had entered into listing agreements with estate agents that have a total of more than 7,500 UK stores thanks to strategies such as the use of free or discounted introductory rates to rapidly expand its customer base.
OnTheMarket also said it was fast catching-up to competitors Zoopla and Rightmove, which have 14,775 and 17,626 respective branches in their service.
Ian Springett, chief executive of OnTheMarket, said: "We are extremely pleased to be continuing to exceed our own expectations and to have reached this latest milestone. As we sustain this pace, we are strongly encouraged by the growing agent support and feedback to our proposition to create an agent-backed, full scale challenger portal that disrupts the existing duopoly."
The company has also seen quick growth in the number of visitors to its website, with 13.7m users in April compared to just 5.5m in the same month the previous year.
Reflecting the above growth, OnTheMarket had increase the size of its sales team from 15 to 32 people.
As of 1604 BST, OnTheMarket's shares were up 5.07% at 145.00p.